Eika Asset Management sells planned co-living project in Riga

Eika Asset Management has sold a four-building complex in Riga that it acquired in 2024 for a planned co-living development. The property, covering more than 9,000 square meters, was purchased by SIA Adoro Properties.

EAM had intended to redevelop the complex into a modern co-living site with more than 250 apartments, shared spaces, and administrative and service areas. The sale means the original investment plan will not proceed under EAM’s ownership.

“The task of a real estate investment manager is not to stick to the original investment scenario at any cost,” EAM chief Andrius Uždavinys said in a statement. He said the company must continually assess the market and make decisions that can create the greatest value for investors at a given time.

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The task of a real estate investment manager is not to stick to the original investment scenario at any cost.

Uždavinys said the accommodation market is changing, while co-living developers are looking for new operating models and ways to adapt to changing customer needs. At the same time, EAM sees greater potential in logistics, manufacturing and other commercial real estate across Central and Eastern Europe.

The company sees growing investor interest in Lithuania and the other Baltic states, he said, but it also considers the broader regional market. “The Baltic states represent a relatively small part of the entire CEE investment market,” Uždavinys said, adding that EAM is looking toward the region’s larger economies to offer investors broader diversification, more potential transactions and access to larger properties.

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The Baltic states represent a relatively small part of the entire CEE investment market.